Wednesday, March 09, 2011 Cooper Tire & Rubber Company increases stake in China
 Cooper Tire & Rubber Company announced that an agreement has been reached to increase the Company's ownership in its affiliated Cooper Kenda Tire (CKT) operations to 100 percent from 50 percent. The cost is $116.5 million and the transaction should be completed by March 15, 2011, through a wholly-owned subsidiary of the Company.
These operations are already wholly consolidated in the Company's financial statements and will be renamed as Cooper Kunshan Tire, contingent upon government approval. The operation currently manufactures a variety of passenger car and light truck tires for export to North America and Europe and is well positioned to supply the domestic Chinese market in the future.
|
